OCTOBER 2012
Year-on-Year and Month-on-Month Growth Rates
of General Retail Price Index: October and September 2012
| All Items | October 2012 | September 2012 |
|---|---|---|
| Year-onYear | 2.7 | 3.7r |
| Month-on-Month | -0.2 | 0.4 |
r - revised
- Year-on-Year
The annual increment of the General Retail Price Index (GRPI) in the National Capital Region (NCR) eased to 2.7 percent in October from 3.7 percent in September. This was due to the slowdown in the annual growth of the heavily-weighted food index at 0.9 percent in October from 3.7 percent in September and machinery and transport equipment index, 3.8 percent from 3.9 percent. The rest of the commodity groups had higher annual rates except in manufactured goods classified by materials index whose annual adjustment remained at 2.1 percent.
By Commodity Group, Month-on-Month
Measured from a month ago level, the GRPI for all items in NCR went down by -0.2 percent in October from 0.4 percent in September.The abundant supplies of vegetables coming from various production sites lowered their prices in NCR markets. Prices of rice also went down during the month as the harvest season of palay brought ample supplies of rice in the markets. Price cuts in sugar and cooking oil were also noted. All these factors contributed to -0.7 percent drop in the food index.
Declines in the prices of gasoline, diesel fuel and kerosene pushed down the mineral fuels, lubricants and related materials index by -0.4 percent.
The machinery and transport equipment index decreased by -0.1 percent due to downward price adjustments in selected electrical wires.
Price hikes in construction materials such as cement, hollow blocks, sand paper, steel bars and corrugated GI sheet raised the manufactured goods classified chiefly by materials index by 0.3 percent from -0.3 percent.
The crude materials, inedible except fuels index rose 0.2 percent from -0.6 percent as prices of gravel generally went up during the month.
The index of chemicals, including animal and vegetable oils and fats inched up by 0.1 percent. This was attributed to higher prices of paint products.
With price gains in ready-made garments and footwear, the miscellaneous manufactured articles index grew 0.1 percent.
